Canadian Dollar FX Update January 27, 2017
USD/CAD Open: 1.3106-1.3107 Overnight Range: 1.3086-1.3131
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.63 and gold is at $1,185. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3146. Support is at 1.3069.
The Canadian dollar is flat, as FX trading and turnover have been quiet towards the end of the week. Overnight trading ranges are very narrow. Today the US released annualized GDP data for the fourth quarter of 2016, which missed expectations (+1.9% actual vs. +2.2% expected). Markets appear indifferent to the downside miss, as the focus continues to be on the Trump administration (and subsequent implications of future economic policy, with an emphasis on trade). There are no domestic data releases scheduled until Tuesday’s GDP data, leaving CAD to trade based on broader market sentiment.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | January 27, 2017 | Daily Update |
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